RespireRx Pharmaceuticals (RSPI) has released an update to notify the public and investors about an entry into a material definitive agreement.
On January 30, 2024, RespireRx Pharmaceuticals Inc. replaced three notes held by a former executive with three Amended and Restated Convertible Notes in settlement agreements with an institutional investor. The original notes, totaling $127,600 in principal, accrued interest to $52,400, leading to a new total of $180,000. The updated notes have a zero percent interest rate, a one-year maturity, and an optional conversion to company stock at $0.0015 per share. They carry a default interest rate of 18% and are governed by New York State law.
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For a comprehensive understanding of the announcement, you can read the full document here.
